<PAGE> 1
EXHIBIT 10-CQ
U.S. $50,000,000
AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of October 11, 2000
among
COLUMBIA ENERGY GROUP,
as Borrower,
and
THE LENDERS NAMED HEREIN,
as Lenders,
and
SALOMON SMITH BARNEY INC.,
as Arranger and Book Manager,
and
CITIBANK, N.A.,
as Administrative and Syndication Agent,
and
THE CHASE MANHATTAN BANK AND
FIRST UNION NATIONAL BANK,
as Documentation Agents,
and
BANK ONE, N.A., THE BANK OF
NOVA SCOTIA, PNC BANK, NATIONAL ASSOCIATION
as Managing Agents
and
CREDIT AGRICOLE INDOSUEZ AND DEUTSCHE BANK AG NEW YORK BRANCH
as Co-Agents
<PAGE> 2
AMENDED AND RESTATED
CREDIT AGREEMENT
Dated as of October 11, 2000
This AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment and
Restatement") among COLUMBIA ENERGY GROUP, a Delaware corporation (the
"Borrower"), the banks, financial institutions and other institutional lenders
parties to the Credit Agreement referred to below (collectively, the "Lenders"),
SALOMON SMITH BARNEY INC., as arranger and book manager ("Arranger"), and
CITIBANK, N.A. ("Citibank"), as administrative and syndication agent (the
"Agent") for the Lenders, evidences the agreement of the parties as follows:
PRELIMINARY STATEMENTS:
(1) The Borrower, the Lenders and the Agent have entered into a
Five-Year $900,000,000 Credit Agreement dated as of March 11, 1998 (the "Credit
Agreement"). Capitalized terms not otherwise defined in this Amendment and
Restatement have the same meanings as specified in the Credit Agreement.
(2) The Borrower and the Lenders have agreed to amend the Credit
Agreement as hereinafter set forth and to restate the Credit Agreement in its
entirety to read as set forth in the Credit Agreement with the amendments
specified below.
Amendments to Credit Agreement. The Credit Agreement, effective as of the date
hereof and, subject to the satisfaction of the conditions precedent set forth in
Section 3.02, is hereby amended as follows:
Section 1.01 is hereby amended by amending in full the proviso clause appearing
at the end of the definition of "Tangible Net Worth" to read "provided, however,
that notwithstanding the foregoing exclusions, (A) regulatory assets recorded on
the Consolidated balance sheet of the Borrower and its Subsidiaries, and (B) any
acquisition goodwill which may appear on the Consolidated balance sheet of the
Borrower and its Subsidiaries resulting from the NiSource Merger shall not be
excluded for purposes of determining Tangible Net Worth."
Section 1.01 is hereby amended by amending in full certain existing definitions
therein as set forth below and adding new definitions thereto to read as
follows:
"364-Day Credit Agreement" means the Third Amended and
Restated 364-Day Credit Agreement dated as of October 11, 2000 among
the Borrower, the Agent and the lenders named therein.
"Arranger" means Salomon Smith Barney Inc., as arranger and
book manager of the syndicate of Initial Lenders hereunder.
"Information Memorandum" means the information memorandum
dated September 2000 used by the Arranger in connection with the
syndication of the Revolving Credit Commitments.
"Letter of Credit Facility" means $50,000,000, as such amount
may be reduced pursuant to Section 2.05.
"NiSource Merger" means a series of mergers, as a result of
which the Borrower will become a wholly-owned subsidiary of
NiSource, Inc., an Indiana corporation ("NiSource"), as contemplated
under the terms of the NiSource Merger Agreement.
<PAGE> 3
"NiSource Merger Agreement" means a Merger Agreement dated as
of February 27, 2000 (as amended, amended and restated or otherwise
modified to the date hereof) between the Borrower and NiSource.
"Termination Date" means the earlier of October 9, 2002 and
the date of termination in whole of the Revolving Credit Commitments
pursuant to Section 2.05 or 6.01.
The chart contained in the definition of "Applicable Margin " in Section 1.01 is
amended in full to read as set forth on Exhibit A hereto.
Section 2.01(b) is amended by deleting the dollar amounts "$127,500,000,"
"$100,000" and "$10,000" in the seventh, twelfth and thirteenth lines thereof,
respectively, and substituting the dollar amount "$0" therefor.
Section 2.01(c) is amended by (i) deleting the dollar amount "$300,000,000" in
the fifth line thereof and substituting the dollar amount "$50,000,000"
therefor, and (ii) deleting the dollar amount "$100,000,000" in the ninth line
thereof and substituting the dollar amount "$50,000,000" therefor.
Section 2.09 is amended by adding a new Section 2.09(g) to read as follows:
"(g) Utilization Fee. With respect to every day on which the
sum of all outstanding Advances is greater than 25% of the aggregate
amount of the Revolving Credit Commitments, the Borrower agrees to
pay to the Agent for the account of each Lender a utilization fee
based on the daily aggregate amount of such Lender's Revolving
Credit Commitment, calculated on a daily basis and payable quarterly
in arrears at a rate per annum equal at all times to the percentage
set forth in the applicable column of Exhibit A hereto."
Section 3.01(a) is amended by deleting the reference to "December 31, 1996" and
substituting "December 31, 1999" therefor.
Section 4.01(e) is amended by (i) deleting the reference to "December 31, 1996"
in each place in which it appears and substituting "December 31, 1999" therefor,
(ii) deleting the reference to "September 30, 1997" in each place in which it
appears and substituting "June 30, 2000" therefor, and (iii) deleting the word
"nine" appearing in the six and eighth lines thereof and substituting "six"
therefor.
Section 5.02(b) is amended by adding the following proviso clause after the
phrase "the Revolving Credit Commitments)" in the fifth line thereof to read
"provided that the foregoing provisions of this Section 5.02(b) shall not be
applicable to the NiSource Merger, and further".
Section 6.01(h) is amended by adding the following proviso clause after the word
"Borrower" in the last line thereof to read "; provided, however, that the
foregoing provisions of this Section 6.01(h) shall not be applicable to the
NiSource Merger".
The Revolving Credit Commitments are amended in full to read as set forth on
Schedule I hereto.
Notwithstanding any other provision of the Credit Agreement no Revolving Credit
Advances may be made under Section 2.01(a).
Conditions of Effectiveness.
This Amendment and Restatement shall become effective as of the date
first above written when, and only when, the Agent shall have received
counterparts of this Amendment and Restatement executed by the Borrower and all
of the Lenders or, as to any of the Lenders, advice satisfactory to the Agent
that such Lender has executed this Amendment and Restatement, and when the Agent
shall have additionally received all of the following documents, each such
document (unless otherwise specified) dated the date of receipt thereof
<PAGE> 4
by the Agent (unless otherwise specified) and (except for the Revolving Credit
Notes) in sufficient copies for each Lender, in form and substance satisfactory
to the Agent (unless otherwise specified):
The new Revolving Credit Notes issued in connection with this Amendment and
Restatement to the order of each of the Lenders that has a Commitment in a
different amount from that with respect to the Credit Agreement.
Certified copies of (i) the resolutions of the Board of Directors of the
Borrower approving (or authorizing the transactions encompassed by) this
Amendment and Restatement and (ii) all documents evidencing other necessary
corporate action and governmental approvals, if any, with respect to this
Amendment and Restatement.
A certificate of the Secretary or an Assistant Secretary of the Borrower
certifying the names and true signatures of the officers of the Borrower
authorized to sign this Amendment and Restatement and the other documents to be
delivered hereunder.
A favorable opinion of LeBoeuf, Lamb, Greene & MacRae, L.L.P., counsel for the
Borrower, in substantially the form of Exhibit B hereto.
A favorable opinion of Shearman & Sterling, counsel for the Agent, in form and
substance satisfactory to the Agent.
A certificate signed by a duly authorized officer of the Borrower stating that:
The representations and warranties contained in Section 4.01 of the Credit
Agreement and in Section 3 hereof are correct on and as of the date of such
certificate as though made on and as of such date; and
No event has occurred and is continuing that constitutes a Default.
Representations and Warranties of the Borrower. The Borrower represents and
warrants as follows:
The execution, delivery and performance by the Borrower of this Amendment and
Restatement are within the Borrower's corporate powers, have been duly
authorized by all necessary corporate action and do not contravene (i) the
Borrower's charter or by-laws or (ii) any law or any contractual restriction
binding on or affecting the Borrower, except where such contravention would not
be reasonably likely to have a Material Adverse Effect.
No authorization or approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body or any other third party is
required for the due execution, delivery or performance by the Borrower of this
Amendment and Restatement, except where the Borrower's failure to receive, take
or make such authorization, approval, action, notice or filing would not have a
Material Adverse Effect.
This Amendment and Restatement has been duly executed and delivered by the
Borrower. This Amendment and Restatement is a legal, valid and binding
obligation of the Borrower, enforceable against the Borrower in accordance with
its terms, subject to applicable bankruptcy, reorganization, insolvency,
moratorium or similar laws affecting creditors' rights generally and general
principles of equity.
Reference to and Effect on the Credit Agreement. On and after the effectiveness
of this Amendment and Restatement, each reference in the Credit Agreement to
"this Agreement", "hereunder", "hereof" or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement, as
amended and restated by this Amendment and Restatement; provided, however, that
the word "hereafter" appearing in the definition of "Material Subsidiaries" in
Section 1.01 shall refer to the period after March 11, 1998.
<PAGE> 5
The Credit Agreement, as specifically amended and restated by this Amendment and
Restatement, is and shall continue to be in full force and effect and is hereby
in all respects ratified and confirmed.
The execution, delivery and effectiveness of this Amendment and Restatement
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Agent under the Credit Agreement,
nor constitute a waiver of any provision of the Credit Agreement.
Costs, Expenses, Etc. The Borrower agrees to pay on demand all costs and
expenses of the Agent in connection with the preparation, execution, delivery
and administration, modification and amendment of this Amendment and Restatement
and the other instruments and documents to be delivered hereunder (including,
without limitation, the reasonable fees and expenses of counsel for the Agent)
in accordance with the terms of Section 8.04 of the Credit Agreement. The Agent
agrees to request as promptly as practicable from (a) Lenders whose Revolving
Credit Notes are being replaced pursuant to this Amendment and Restatement as of
the date hereof, and (b) Lenders who shall have ceased to be parties to the
Credit Agreement as of the date hereof, the return of their old Revolving Credit
Notes. The Agent agrees to release any new Revolving Credit Note payable to a
Lender only upon the return of the old Revolving Credit Note payable to such
Lender.
Execution in Counterparts. This Amendment and Restatement may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute but one and the same agreement. Delivery
of an executed counterpart of a signature page to this Amendment and Restatement
by telecopier shall be effective as delivery of an original executed counterpart
of this Amendment and Restatement.
Governing Law. This Amendment and Restatement shall be governed by, and
construed in accordance with, the laws of the State of New York.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment
and Restatement to be executed by their respective officers thereunto duly
authorized, as of the date first above written.
COLUMBIA ENERGY GROUP
By /s/ Michael W. O'Donnell
------------------------------
Name: Michael W. O'Donnell
Title: Senior Vice President and Chief
Financial Officer
SALOMON SMITH BARNEY INC.,
as Arranger and Book Manager
By /s/ Steven R. Veterin
---------------------------
Name: Steven R. Veterin
Title: Managing Director
CITIBANK, N.A.,
as Administrative and Syndication Agent
By /s/ Steven M. Baillie
------------------------------
Name: Steven M. Baillie
Title: Attorney in Fact
<PAGE> 6
Lenders
CITIBANK, N.A.
By /s/ Steven M. Baillie
------------------------------
Name: Steven M. Baillie
Title: Attorney in Fact
Amount of Commitment
$5,000,000.00
THE CHASE MANHATTAN BANK
By /s/ Steven Wood
------------------------------
Name: Steven Wood
Title: Vice President
Amount of Commitment
$5,000,000.00
FIRST UNION NATIONAL BANK
By /s/ Michael J. Kolosowsky
------------------------------
Name: Michael J. Kolosowsky
Title: Vice President
Amount of Commitment
$5,000,000.00
THE BANK OF NOVA SCOTIA
By /s/ P. C. B. Ashby
------------------------------
Name: P. C. B. Ashby
Title: Senior Manager Loan Operations
Amount of Commitment
$3,800,000.00
BANK ONE, NA
By /s/ George R. Schanz
------------------------------
Name: George R. Schanz
Title: First Vice President
Amount of Commitment
$3,800,000.00
<PAGE> 7
PNC BANK, NATIONAL ASSOCIATION
By /s/ Brian M. Begg
------------------------------
Name: Brian M. Begg
Title: Director
Amount of Commitment
$3,800,000.00
CREDIT AGRICOLE INDOSUEZ
By /s/ Brian D. Knezeak
------------------------------
Name: Brian D. Knezeak
Title: First Vice President
By /s/ Michael Willis
------------------------------
Name: Michael Willis
Title: Vice President Credit Analysis
Amount of Commitment
$2,800,000.00
DEUTSCHE BANK AG NEW YORK
AND/OR CAYMAN ISLANDS BRANCHES
By /s/ Belinda J. Wheeler
------------------------------
Name: Belinda J. Wheeler
Title: Vice President
By /s/ Catherine Ruhland
------------------------------
Name: Catherine Ruhland
Title: Vice President
Amount of Commitment
$2,800,000.00
ALL FIRST BANK
By /s/ Stefan Hoenicke
------------------------------
Name: Stefan Hoenicke
Title: Vice President
Amount of Commitment
$2,500,000.00
<PAGE> 8
ARAB BANK, PLC
By /s/ Samer Tamimi
------------------------------
Name: Samer Tamimi
Title: Vice President
Amount of Commitment
$2,500,000.00
BANCA MONTE DEI PASCHI DI SIENA, S.p.A.
By /s/ Giulio Natalicchi
------------------------------
Name: Giulio Natalicchi
Title: Senior Vice President and General
Manager
By /s/ Brian Landy
------------------------------
Name: Brian Landy
Title: Vice President
Amount of Commitment
$2,500,000.00
BANK OF MONTREAL
By /s/ Ian M. Plester
----------------------------
Name: Ian M. Plester
Title: Director
Amount of Commitment
$2,500,000.00
NATIONAL CITY BANK
By /s/ William J. Whitley
----------------------------
Name: William J. Whitley
Title: Senior Vice President
Amount of Commitment
$2,500,000.00
SUNTRUST BANK
By /s/ Nancy R. Petrash
--------------------------
Name: Nancy R. Petrash
Title: Director Corporate and Investment
Banking
Amount of Commitment
$2,500,000.00
<PAGE> 9
BANK OF TOKYO-MITSUBISHI
TRUST COMPANY
By /s/ Nicholas R. Battista
------------------------------
Name: Nicholas R. Battista
Title: Vice President
Amount of Commitment
$2,000,000.00
UNION BANK OF CALIFORNIA
By /s/ David M. Musicant
------------------------------
Name: David M. Musicant
Title: Vice President
Amount of Commitment
$1,000,000.00
<PAGE> 10
SCHEDULE I
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
NAME OF INITIAL DOMESTIC LENDING OFFICE EURODOLLAR LENDING OFFICE AMOUNT OF
LENDER COMMITMENT
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Citibank, N.A. 2 Allen Center, 20th Floor 2 Allen Center, 20th $5,000,000
1200 Smith Street Floor
Houston, TX 77002 1200 Smith Street
Steve Baillie Houston, TX 77002
Tel: 713-654-2887 Steve Baillie
Fax: 713-654-2849 Tel: 713-654-2887
Fax: 713-654-2849
----------------------------------------------------------------------------------------------
The Chase Manhattan 270 Park Avenue-21st Floor 270 Park Avenue-21st $5,000,000
Bank New York, NY 10017-2070 Floor
Steve Wood New York, NY 10017-2070
Tel: 212-270-7056 Steve Wood
Fax: 212-270-3897 Tel: 212-270-7056
Fax: 212-270-3897
----------------------------------------------------------------------------------------------
First Union National One First Union Center One First Union Center $5,000,000
Bank 301 South College Street 301 South College Street
Charlotte, NC 28288-0735 Charlotte, NC 28209
Chanue Michael Chanue Michael
Tel: 704-715-1195 Tel: 704-715-1195
Fax: 704-383-7999 Fax: 704-383-7999
----------------------------------------------------------------------------------------------
The Bank of Nova 600 Peachtree Street NE 600 Peachtree Street NE $3,800,000
Scotia Suite 2700 Suite 2700
Atlanta, GA 30308 Atlanta, GA 30308
Anthony Millington Anthony Millington
Tel: 404-877-1579 Tel: 404-877-1579
Fax: 404-888-8998 Fax: 404-888-8998
----------------------------------------------------------------------------------------------
Bank One, NA 1 Bank One Plaza 1 Bank One Plaza $3,800,000
Mail Stop IL1 Suite 0363 Mail Stop IL1 Suite 0363
Kenneth Bauer Kenneth Bauer
Tel: 312-732-6282 Tel: 312-732-6282
Fax: 312-732-3055 Fax: 312-732-3055
----------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 11
<TABLE>
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------
PNC Bank, National 1 PNC Plaza, 3rd Floor 1 PNC Plaza, 3rd Floor $3,800,000
Association 249 Fifth Avenue 249 Fifth Avenue
Pittsburgh, PA 15222-2707 Pittsburgh, PA 15222-2707
Brian Begg Brian Begg
Tel: 412-762-3440 Tel: 412-762-3440
Fax: 412-705-3231 Fax: 412-705-3231
----------------------------------------------------------------------------------------------
Credit Agricole 600 Travis Street, 600 Travis Street, $2,800,000
Indosuez Suite 2340 Suite 2340
Houston, TX 77002 Houston, TX 77002
Brian Knezeak Brian Knezeak
Tel: 713-223-7001 Tel: 713-223-7001
Fax: 713-223-7029 Fax: 713-223-7029
----------------------------------------------------------------------------------------------
Deutsche Banc AG 31 West 52nd Street 31 West 52nd Street $2,800,000
New York and/or New York, NY 10019 New York, NY 10019
Cayman Islands Joel Makowsky Joel Makowsky
Branches Tel: 212-469-7896 Tel: 212-469-7896
Fax: 212-469-5711 Fax: 212-469-5711
----------------------------------------------------------------------------------------------
Allfirst Bank 25 S Charles St. 25 S Charles St. $2,500,000
Baltimore, MD 21201 Baltimore, MD 21201
Stefan Hoenicke Stefan Hoenicke
Tel: 410-244-4208 Tel: 410-244-4208
Fax: 410-244-4239 Fax: 410-244-4239
----------------------------------------------------------------------------------------------
Arab Bank, PLC 520 Madison Ave., 520 Madison Ave., $2,500,000
2nd Floor 2nd Floor
New York, NY 10022 New York, NY 10022
John C. Korthuis John C. Korthuis
Tel: 212-715-9741 Tel: 212-715-9741
Fax: 212-593-4632 Fax: 212-593-4632
----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
NAME OF INITIAL DOMESTIC LENDING OFFICE EURODOLLAR LENDING OFFICE AMOUNT OF
LENDER COMMITMENT
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Banca Monte dei 55 East 59th Street 55 East 59th Street $2,500,000
Paschi di Siena New York, NY 10022-1112 New York, NY 10022-1112
S.p.A. Serge Sondak Serge Sondak
Tel: 212-891-3600 Tel: 212-891-3600
Fax: 212-891-6144 Fax: 212-891-6144
</TABLE>
<PAGE> 12
<TABLE>
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------
Bank of Montreal US Corporate Banking US Corporate Banking $2,500,000
430 Park Avenue 430 Park Avenue
New York, NY 10022 New York, NY 10022
Bernard J. Silgardo Bernard J. Silgardo
Tel: 212-605-1647 Tel: 212-605-1647
Fax: 212-605-1451 Fax: 212-605-1451
----------------------------------------------------------------------------------------------
National City Bank 155 East Broad Street 155 East Broad Street $2,500,000
Columbus, OH 43251-0033 Columbus, OH 43251-0033
William Whitley William Whitley
Tel: 614-463-8543 Tel: 614-463-8543
Fax: 614-463-6770 Fax: 614-463-6770
----------------------------------------------------------------------------------------------
SunTrust Bank 1445 New York Ave, 1445 New York Ave, $2,500,000
NW 5th Fl. NW 5th Fl.
Washington, D.C. 20005-2106 Washington, D.C. 20005-2106
Nancy Petrash Nancy Petrash
Tel: 202-879-6432 Tel: 202-879-6432
Fax: 202-879-6137 Fax: 202-879-6137
----------------------------------------------------------------------------------------------
Bank of 1251 Avenue of the Americas 1251 Avenue of the Americas $2,000,000
Tokyo-Mitsubishi New York, NY 10020-1104 New York, NY 10020-1104
Trust Company William Rhodes William Rhodes
Tel: 212-782-4580 Tel: 212-782-4580
Fax: 212-782-4979 Fax: 212-782-4979
----------------------------------------------------------------------------------------------
Union Bank of 445 S. Figueroa St., 445 S. Figueroa St., $1,000,000
California Suite 1500 Suite 1500
Los Angeles, CA 90071 Los Angeles, CA 90071
David Musicant, VP David Musicant, VP
Tel: 213-236-5023 Tel: 213-236-5023
Fax: 213-236-4096 Fax: 213-236-4096
----------------------------------------------------------------------------------------------
Bank of America, N.A. MD2-600-06-13 MD2-600-06-13 $0
6610 Rockledge Drive, 6610 Rockledge Drive,
6th Floor 6th Floor
Bethesda, MD 20817-1876 Bethesda, MD 20817-1876
Lawrence Saunders Lawrence Saunders
Tel: 301-571-0704 Tel: 301-571-0704
Fax: 301-571-0719 Fax: 301-571-0719
</TABLE>
<PAGE> 13
<TABLE>
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------
Canadian Imperial 1600 Smith Street 1600 Smith Street $0
Bank of Commerce Suite 3000 Suite 3000
Houston, TX 77002 Houston, TX 77002
Billy H. Bauch Billy H. Bauch
Tel: 713-650-2550 Tel: 713-650-2550
Fax: 713-650-7670 Fax: 713-650-7670
----------------------------------------------------------------------------------------------
Commerzbank AG, 2 World Financial Center 2 World Financial Center $0
New York Branch New York, NY 10281-1050 New York, NY 10281-1050
Barbara Stacks Barbara Stacks
Tel: 212-266-7313 Tel: 212-266-7313
Fax: 212-266-7235 Fax: 212-266-7235
----------------------------------------------------------------------------------------------
Morgan Guaranty 60 Wall St. Nassau Bahamas Office $0
Trust Company of New New York, NY 10260 c/o J.P. Morgan
York Jim Finch Services, Inc.
Fax: 212-648-5014 Euro-Loan Servicing Unit
500 Stanton Christiana
Road
Newark, DE 19713
Telex: 177425 MBDEL UT
Fax: 302-634-1094
----------------------------------------------------------------------------------------------
Societe Generale 1221 Avenue of the Americas 1221 Avenue of the $0
New York, NY 10020 Americas
Gordon Eadon New York, NY 10020
Tel: 212-278-6880 Gordon Eadon
Fax: 212-278-7987 Tel: 212-278-6880
Fax: 212-278-7987
----------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
EXHIBIT A
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Public Debt Rating Applicable Applicable Applicable Applicable Applicable Margin
S&P/Moody's Margin for Margin for Margin Margin for for Utilization
Base Rate Eurodollar Rate for CD Rate Facility Fee
Advances Advances Advances Fee (25%)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Level 1 0 .110% .255% .090% .25%
AA-/AA3 or higher
----------------------------------------------------------------------------------------------------------------------------
Level 2 0 .400% .540% .100% .25%
A+/A/A-/A1/A2/A3
----------------------------------------------------------------------------------------------------------------------------
Level 3 0 .510% .650% .115% .25%
BBB+/Baa1
----------------------------------------------------------------------------------------------------------------------------
Level 4 0 .610% .750% .140% .25%
BBB/Baa2
----------------------------------------------------------------------------------------------------------------------------
Level 5 0 1.010% .850% .240% .25%
BBB-/Baa3 or lower
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
